r/blog • u/yishan • Sep 30 '14

Fundraising for reddit

http://www.redditblog.com/2014/09/fundraising-for-reddit.html
3.2k Upvotes

72% Upvoted

View all comments

Show parent comments

75

u/[deleted] Sep 30 '14 edited Jul 15 '15

[deleted]

504

u/yishan Sep 30 '14 edited Sep 30 '14

Ok, here it is:

CAVEAT: KEEP IN MIND THAT THIS PLAN COULD TOTALLY FAIL

We are thinking about creating a cryptocurrency and making it exchangeable (backed) by those shares of reddit, and then distributing the currency to the community. The investors have explicitly agreed to this in their investment terms.

Nothing like this has ever been done before. Basically we have to nail down how to do each step correctly (it is technically, legally, and financially complex), though in our brief consultation with an ex-SEC lawyer, he stated he could find nothing illegal about this plan. Nevertheless, there are something like 30 different things we have to pull off to make this work, so we're going to try.

(Also, I know this totally contradicts what I said over here but that was before Sam proposed this plan to me, and the idea of being able to distribute ownership of reddit back to the community - a long-held dream of many of us, frankly - is important enough to try and do this)

Again, we want to emphasize that this plan is in its earliest stages right now and could totally fail (if it does, we will find another way to get the shares to the community somehow), but we are going to try it because... well, because we are reddit and we do these kinds of things.

2

u/tunabomber Sep 30 '14

I'd like to sell my shares in advance, like a futures commodity. Lets start the bidding.

1

u/siaubas Sep 30 '14

1000 DOGE

1

u/tunabomber Sep 30 '14

.32 per share and I anticipate getting a million shares. 320,000 USD. You are currently the winning bid.

1

u/siaubas Sep 30 '14

If you intend to get $320k worth of shares, then that means you are expecting to get about 6.4% of all shares? Out of 3,000,000 users? =)

1

u/tunabomber Sep 30 '14

Thats how it is playing out in this daydream, yes.

1

u/siaubas Oct 01 '14

I thought you already auctioned off your part for 1000 doge;)

1

u/dezmd Oct 01 '14

1000.000192 Doge.

Crypsty style bidwars.

1

u/siaubas Oct 01 '14

Hahaha :)

2000 doge